COPPER (JUN) : Expected resistance and support level for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 402.50

SUPPORT 2: 394.60

RESISTANCE 1: 417.90

RESISTANCE 2: 423.70

CRUDE OIL (JUN)– Oil fell for the fourth time in five days in New York amid speculation that OPEC will keep production quotas unchanged even after a slide in prices. Expected resistance and support levels for the crude JUN contract are:

TREND CONSOLIDATE

SUPPORT 1: 4571

SUPPORT 2: 4522

RESISTANCE 1: 4730

RESISTANCE 2: 4820

GOLD (AUG)– Gold for August delivery in New York declined 0.2 percent to $1,611.20 an ounce at 8:11 a.m. in Melbourne, while immediate-delivery bullion was little changed at $1,610.22. Gold gained for the third straight session yesterday on speculation that U.S. policy makers will announce additional stimulus measures to boost growth. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND CONSOLIDATE

SUPPORT 1: 28840

SUPPORT 2: 28265

RESISTANCE 1: 30380

RESISTANCE 2: 30555

SILVER (JUL) – Silver for July delivery was little changed at $28.925 an ounce. Silver is Expected resistance and support levels for today trade are as follows:

The start is likely to be subdued, as Asian markets are trading mixed owing to lingering worries about the ongoing debt crisis in the eurozone.
Industry voices are getting louder against the lack of political leadership in our country. Forget about reforms, even normal decision-making appears to have come to a standstill under UPA II. This needs to change, and change fast before it is too late.

The Nifty has been trading in a tight band of 5000 - 5150 and a move above 5150 should confirm the end to the near term downtrend.

Although, theIIP data has now become infamous, there is no denying that the Indian economy needs urgent turbo charging. Lack of fresh investments and slowdown in mining continue to be a drag; the saving grace being electricity output and consumption, both of which held up well in April.

The RBI could certainly help by cutting CRR or even for that matter the repo rate on June 18, but any monetary action without fiscal discipline from the Centre is futile.

Free Commodity Live Updates

Base metals are volatile. Copper is selling pressure. Nickel is also falling. Remains firmly in the zinc and lead. Copper in the domestic market despite weak rupee is trading around Rs 410. MCX Nickel in metal at the most around 1 per cent decline. Most of the aluminum has nearly 0.5 per cent. gold and silver business is slack. Rs 29,800 with a gain of 0.1 per cent on MCX gold is approaching. The silver fluctuation between full business turnover is around Rs 54 710.

Up strongly yesterday after the oil has to dive again. MCX crude oil declined by 1 per cent. MCX crude oil price has come down to Rs 4,600. Reduced demand for crude oil prices in the international market Anuma lower levels of 8 months is gone. Naimaks the crude oil has slipped below 82 dollars a barrel.

Daily Free Commodity Tips and Free Commodity

News Updates

Gold:

Gold may have trouble rallying significantly until after Greek elections this weekend but looks for a rise later in the year based on expectations for more monetary easing in the United States, said TD Securities (TDS) in a commodities briefing.

Sivler:

United States gold and silver mine production declined sharply in March this year as compared to March 2011, as per latest figures released by United States Geological Survey (USGS).

Copper:

Global copper demand appears more robust than the market thought, as reflected by preliminary Chinese import statistics for May, said Commerzbank, the second-largest bank in Germany, after Deutsche Bank.

Crude oil:

At India’s Multi Commodity Exchange, crude oil for June delivery is trading 1.55% lower at Rs 4587 per barrel. Taking cues from the latest OPEC announcement, crude oil prices are expected to trade with a negative bias. But sharp downside in prices will be protected as API inventories are expected to show a decline, according to Angel Commodities.